Foreigners who intend to immigrate or invest in Turkey can open a bank account so that they can enjoy its various advantages.

In this article, we will provide comprehensive information about banking interests in Turkey and how to get them, interest tax on deposits, bank interest earnings, as well as a comparison of banking benefits for different Turkish banks, so stay tuned!

How do you get banking interests in Turkey?

In order to get a bank interest in Turkey, you must first open a bank account in one of the banks in this country.

You can open an account in Turkey in less than half an hour, and attendance in person when opening a bank account is mandatory in Turkey.

After the end of the agreed contract term with the bank in Turkey, it is possible to obtain bank interests in cash and non-cash.

In other words, you can request to transfer the interest to your bank account card, or receive it in cash by visiting the bank.

If you add your interest to your bank card, you can easily use it to make purchases from the internet, however some people who live in Turkey may prefer to get their earnings in cash.

Information about banking interests in Turkey

Banking interest is one of the safe ways for people who want to deposit their money in banks to invest in Turkey.

First, you should know that all public and private banks in Turkey are subject to the financial laws of the Central Bank of Turkey.

This means that in the event of any change in the rules, updates will be applied to all banks in Turkey.

In other words if the bank interest rate changes, this change will include all Banks in Turkey.

Another point worth noting is that short-term deposits are the fastest and most profitable in Turkey, so if you want to get your bank interest on a monthly basis, you can open a one-month deposit.

Bank interest rates in Turkey in 2020 decreased significantly compared to banking interest rates in 2019.

In recent years, Turkey was one of the countries that attracted a large amount of investors through bank deposits, and before some changes took place in 2020, the bank interest in Turkey was above 20%.

But in 2020, the Turkish government cut the bank interest rate sharply after 10 months of controversy, and the interest rate currently ranges between 10 to 15 percent.

The interest rate in Turkey varies according to the customer’s deposit amount, and in cases where the investment amount is high, the head of the bank branch can raise the interest rate.

The interest rate in Turkey on 3-month deposits is about 10%, and the longer the deposit period, the higher the amount, as the bank interest rate can reach 15%.

Types of bank interest in Turkey

Variable bank interest

The variable bank interest may vary based on the rate announced by the Central Bank of Turkey every month, for example in one month it may be 10% and in another month it may reach 13%.

Fixed bank interest

When obtaining fixed bank interest, a specific interest rate regulation will be set in your contract with the bank, which will be added to your deposit at the end of the contract period, the term of deposit and interest contracts for banks can be 3 months, 6 months or a year.

Note that there is no concept of daily earnings in Turkish banks, as banks do not pay interest on undeposited amounts.

How are bank interests calculated in Turkey?

If you intend to invest and profit from banks in Turkey, you should know how the bank interest is calculated in this country.

For example, suppose there is interest on a bank deposit of 8%, your minimum balance is taken into account, then the number obtained is multiplied by 8%, and the total is divided by 365 days.

Note that this number will be only in the event that you have not withdrawn funds from your account until the end of the contract.

If you withdraw funds from your account before the end of the term of the deposit agreement, the relevant bank has the right to reduce the bank interest from your account balance.

Comparison of bank interest earnings in different Turkish banks

You can use the following website to find out the banking interest rates in different Turkish banks and compare them with each other.

https://www.hesapkurdu.com/mevduat

All you have to do is enter the site, enter the amount you want to deposit and specify the deposit period, after that a table will be displayed containing several options for Turkish banks and the banking benefits for each of them.

Bank interest tax fees in Turkey

Tax laws in Turkey are very strict, and one of the prerequisites for opening a bank account in Turkey is to pay tax fees.

It is necessary to obtain a tax number when opening a bank account in Turkey in order to pay the bank interest tax fee to the tax office in Turkey.

The bank interest tax fee rate in Turkey in 2020 is about 3% to 10% of the gross profit.

Obtaining banking benefits for foreigners who do not have a residence permit in Turkey

If you are a foreign citizen of any country and you have not obtained permanent residence in Turkey, you will only be able to open an account at Ziraat Bank.

Ziraat Bank is one of the oldest and most prestigious banks in Turkey, the bank was founded in 1863 and is ranked 115th in the world.

In this bank, in addition to having a bank account in lira, you can also have a bank account in Dollar and Euro and get banking interest.

However, it is better to know that bank interest rates in Turkey are lower for euro and dollar accounts than for Turkish lira accounts.

Banking interest at Ziraat Bank in Turkey is determined based on the deposit method and the amount that the customer deposits in the bank.

For example, if you have a 3-month deposit in Ziraat Bank in Turkey, you will receive interest from 9 to 10 percent, and it should be noted that the longer your money stays in Ziraat Bank and you do not withdraw it, the more profit you will get.

Bank interest rates in Ziraat Bank in Turkey have decreased significantly with the changes that occurred in 2020.

The bank interest rate in Ziraat Bank in 2019 was about 20 to 24 percent annually, while in 2020 it decreased from 10 to 15 percent annually.

And about 3 to 10 percent of the gross profit rate is deducted as a tax fee annually.

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Many people who settle and immigrate to Turkey may need multiple loans to finance different activities such as starting a business or buying real estate.

In this article, we will explain how to get a loan in Turkey, its terms and what are the facilities offered to foreign nationals, so stay with us.

Getting a loan in Turkey

People with foreign citizenship can apply for a loan in Turkey to buy a house, start a business, or meet some of their needs.

Previously, there were many obstacles for foreigners applying for bank loans, but since 2007, the Turkish government has put in place laws supporting foreign investment, allowing foreign nationals in Turkey to easily obtain a bank loan.

One of the most important terms for obtaining a bank loan in Turkey is to prove the financial ability of the borrower, as the repayment of your monthly loan should not exceed 45% of your monthly income.

Note that rental income from private property is not taken into account when calculating the income and financial capacity of an individual who wants to obtain a bank loan.

The interest rate on bank loans in Turkey has been set from 8% to 13%, and the loan repayment period ranges between 10 and 15 years.

But the repayment period has age conditions, where the age of the recipient must be less than 80 years at the end of the term.

In other words, you must be approximately between 25 and 70 years old when you get a loan in Turkey, and almost all foreign nationals can get a loan in Turkey at a fixed rate to repay it.

Real estate loans in Turkey

Buying ready to move property in Turkey

The Turkish real estate market has been an active market that attracts the attention of many foreign investors.

When deciding to buy a property in Turkey, financing is the first thing to consider, suppose you decide to buy a ready to move property in Turkey but you do not have the full price, in this case, you can apply for a loan in Turkey so that you can buy it.

Due to the increase in the number of immigrants and foreign nationals living in Turkey, if certain conditions are met, Turkish banks will provide loans to foreigners who want to get real estate loans, in order to attract foreign investors and encourage them to buy real estate in Turkey.

First, you need to know which banks can lend to foreigners in Turkey, then you must determine the value of the property and the amount of money you need to borrow.

But note that most banks in Turkey will lend you between 50% and 70% of the value of the property you intend to buy.

However, few financial institutions lend larger percentages, and some limit the value of loans to 65% of the property value.

The minimum loan amount is usually around $75,000, and this amount varies depending on the bank and the value of the property you intend to purchase.

After about 3 to 4 days of submitting the required documents, the applicant will get the “initial approval” and the bank will send a specialized employee to evaluate the purchased property. 

After the experts’ assessment, the “mortgage” is approved and the applicant can submit a request to transfer the title deed.

Buying an under construction property in Turkey

In addition to what we mentioned above, there are other ways that can replace the purchase of a ready-made property in Turkey, for example you can buy a property under construction in this country.

In the process of buying real estate under construction in Turkey, the buyer pays only 20% to 30% of the property value as a down payment and the rest is paid in installments according to the project schedule and in agreement with the project owner.

In this way, there is no need to pay interest on bank loans and this is a great advantage, and the title deed document is signed in the name of the customer after full settlement of the payment terms.

But note that if you want to get a bank loan to buy a property under construction in Turkey, it must be after about 90% of the construction of the project is completed.

If you are planning to buy a house or apartment in Turkey, you can contact our real estate consultants to get the best possible offer and advice.

We will accompany you during the process of buying a property in Turkey, until you obtain Turkish residency or citizenship.

Conditions for applying for a loan for foreigners in Turkey

• Obtaining a work permit in Turkey.
• Obtaining residence in Turkey.
• A guarantor holding Turkish citizenship.
• Proof of ability to pay loan installments (salary statement for the last 3 months).
• Cash deposit in a Turkish bank. (Read about opening a bank account in Turkey)

The applicant must submit the loan application directly to the bank or appoint a lawyer/person in Turkey to sign the loan agreement.

One of the prerequisites for obtaining a loan for a foreign citizen in Turkey is to obtain a work permit and a residence permit, so you cannot get a loan without working in Turkey.

However, in some limited cases, you can apply for a loan in Turkey by sending a financial statement of your bank account in your country of origin to the bank in Turkey.

Types of loans and documents required to obtain a loan in Turkey

The documents in each of the above cases may differ depending on the bank or the current circumstances, and more documents may be requested,

For this reason it is better to check the list of required documents from the official website of the bank.

Documents issued outside Turkey must be certified and stamped by the authorized authorities in the source country.

Documents must also be translated by Turkish translators and their translation must be certified by the notary.

What are the Turkish banks lending to foreigners?

Among the banks and financial institutions operating in Turkey, the following banks lend to foreign nationals under certain conditions:

• Ziraat Bankası
• Vakıfbank
• İş Bankası
• Garanti Bankası
• QNB
• Akbank
• Halkbank

In addition to the above mentioned Turkish banks, almost all foreign banks located in Turkey lend to foreign nationals.

Frequently Asked Questions

What are the loans granted to foreigners in Turkey?

According to Turkish law, foreigners in Turkey can apply for a consumer loan, a car loan, or a property purchase loan in Turkish banks.

What is the interest rate on bank loans in Turkey?

Interest rates on bank loans in Turkey range from 8% to 13%.

Can unemployed foreigners get a loan in Turkey?

No, it will be possible to obtain loans for unemployed foreign nationals, only in special cases that have been fully covered in the previous sections.

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In our time, all countries have their own unique online payment methods, since each country has its own rules and regulations, this is normal. 

Papara Turkey is an online financial services and payment system launched exclusively in the Turkish market in April 2016 under the auspices of the local bank supervision agency, a leading company in the Turkish market.

By the end of its first year, the number of users using Papara reached hundreds of thousands.

Although there is the possibility of opening a bank account in the turkish Banks or getting a visa and mastercard, the Papara Card is very useful for those who have not been able to open an international bank account.

What is a Papara card?

Papara is a new payment system designed to improve online payment methods, budget management and banking systems, providing safer, more economical and faster solutions to its users.

Papara is a credit card that allows users to purchase easily from the heritage sites that provide diversified products and services or transfer money to their friends and acquaintances in this country.

If you are familiar with international credit cards such as Visa Card and MasterCard, you know that receiving them has special conditions and requires a minimum deposit.

Papara credit card is issued with the same efficiency as MasterCard and Visa Card and with very easy terms for users.

The account and receipt of this credit card can easily be opened online and through the official website of this company, its validity is 10 years and can be extended.

With the default form of the Papara Account, you will not be able to receive money from ATMs, and you can only use the default type of these accounts for online purchases and transactions.

This credit card can be used to pay current expenses such as NETFLIX subscription, paying taxi fees online, buying from the App Store or Google Play and other international platforms.

The most important companies have also made agreements to use the Papara card, the main ones being Youtube, Netflix, Spotify, bkm book, teknosa, gittigidiyor, and kahve.com, Carrefour and many other companies.

What are the benefits of using the Papara Card in Turkey?

The first advantage of the Papara card is that you do not have to deposit large amounts to get one.

In addition, Papara has signed contracts with many sites and stores in Turkey so that users can take advantage of the interesting discount opportunities of these companies.

These discounts sometimes reach up to 50% of the original value of the service or product when purchased with a Papara card.

The Papara Card provides the opportunity to trade 24 hours a day, 7 days a week, regardless of time and place.

Another noteworthy point about these cards is that it is also possible to transfer money using people’s phone numbers or emails, and this is one of the amenities that Papara has provided to its users.

So if you can’t open an account in a Turkish bank for any reason, Papara will provide you with a wide range of options and benefits.

How to get a Papara Card in Turkey?

The first thing you need to do is open an account on the official Papara website.

Opening an account on the Papara website is free, fast and easy, the information required to create an account includes the first name, last name, phone number, email address and password you want to use for your account.

Note that the Phone number you enter must belong to your Turkish SIM card, otherwise you will not receive a text message to confirm the account and you will not be able to complete the account opening process on the site.

After registering with the site, log in to your account and click the “Apply” button on the Papara credit card page, you will be asked to enter the address where you want to receive your card.

When this process is completed, the card is printed and sent by courier service, usually it takes 4-7 days to send the card to the address you entered.

After receiving the card, you must activate your card from the page under “Activate Papara Card”.

There is certain information on your card and you will be asked to enter this same information, which will activate your card and use it to make purchases anywhere in the world or online.

After receiving the card, you can deposit the amount you want without having a minimum.

In order to use your Papara account and card for purchases and payments in Turkey, you must first fill it in cash from your bank account.

There are more than 15 banks in Turkey that support such remittances, where you can go into the tens of thousands of ATMs all around Turkey, and all you need is an email address and telephone number.

Fees on using Papara credit card

It is generally recommended not to use the Papara Card to make large transactions and transfer large amounts of money.

It is better to use it for expenses such as paying bills, restaurants, taxis, buying from the internet and supermarkets.

With regard to fees, the cost of transferring money from a Papara account to a Papara account is not subject to commission, however receiving cash from ATMs and transferring to other accounts has a small fee.

Is it safe to use Papara Cards?

When it comes to financial transactions, security becomes very important, keep in mind that a Papara card cannot be used without its information, so Papara credit card information and Papara account should be kept out of the reach of anyone.

In addition, you must also protect the passwords and information of your ATM card.

There is absolutely no concern from the company, with many years of experience Papara emphasizes on protecting users’ information and privacy for their security page.

According to information published on the official website of the company, the Papara is an authorised firm, created under Law No. 6493 under the supervision of the Central Bank of the Republic of Turkey.

Papara has also asked users to refrain from disclosing card information and passwords, and if anyone requests information from you as a sponsor of this company, ignore these requests while not providing the requested information.

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Global gold prices rose on Tuesday to a three-week high, surpassing $1,800 an ounce, supported by a drop in the dollar index.

And at (7:25 GMT), the yellow metal rose in spot trading by $ 14, or 0.78 percent.

To trade at $1805.81 an ounce, the highest level since the June 16 session.

And gold futures prices increased from August by $22.7, or 1.27 percent, to $1,806 an ounce.

Gold prices benefited from a decline in the dollar index by 0.37 percent against six major currencies to 92.078.

The market is awaiting the results of the last Fed meeting, in which it expected the start of raising interest rates by 2023, as the minutes of the meeting will be revealed tomorrow, Wednesday.

The post Gold at its highest level in 3 weeks, amid a slight decline in the dollar appeared first on Move 2 Turkey.

Mehmet Aydın’s statement began with the founder of Çiftlik Bank, known as “Tosuncuk”, and it was learned that 3 lawyers participated in Aydin’s statement.

Mehmet Aydın, who disappeared after the Çiftlik Bank was hit, was brought to Turkey from Brazil, where he surrendered to the Turkish consulate at 10:05 pm on Saturday.

Mehmet Aydın, who was handcuffed and handed over to Istanbul police, was taken by Interpol, who later brought him on the plane to the Financial Crimes Prevention Branch, where he was questioned.

The interrogation of Mehmet Aydın, who was detained on the premises of the Istanbul Security Directorate for two days in Vatan Caddesi, began at 10 pm.

It was learned that after examining 300 pages of documents brought by Aydın and comparing them with the inspector’s reports, a 60-page question was prepared, and Mehmet Aydın’s statement taken continues in the presence of 3 lawyers.Meanwhile, it was confirmed that Mehmet Aydın had been interrogated in the financial branch because 128 people had filed new criminal complaints.

The post The Work begins in the case of Çiftlik Bank about the known as “Tosuncuk” appeared first on Move 2 Turkey.

The net profit of companies traded under the BIST 100 index of the Istanbul Stock Exchange amounted to 34 billion Turkish liras and 438.3 million in the first quarter.

In the period that has passed since the end of March of last year when the Coronavirus epidemic began in the country, the activities of many companies were affected by the closures.

It was observed that publicly traded companies managed to manage them to increase their profits.

In the process, sectoral differentiation has drawn attention with opportunities emerging during the Covid-19 era mirroring the company’s earnings.

Steelmaker Airglide Iron and Steel, which has been in short supply during the pandemic, led the companies that made the most profits.

In this period, the company that lost most was the airline Pegasus, whose flights were affected by the epidemic.

Another notable development is that VakıfBank and Halkbank who were among the top ten in the first quarter of last year were not included in the list in the same period this year.

Cost-effective loans and aid provided by banks to producers and consumers during the pandemic period have been instrumental in this development.

The net profit of 98 companies that trade under the BIST 100 index, and whose financial results were published within the balance sheet disclosure period in the first quarter of 2021, more than doubled.

This is an increase of 124% over the same period last year.

Thus, the net profit of companies, which amounted to 15 billion and 375.5 million pounds in the first quarter of 2020, rose to 34 billion and 438.3 million pounds in the same period of this year.

85 companies made net profits in the BIST 100

Of the 98 companies that announced their financial results, 85 companies reported net profits in the first quarter, and 13 companies announced that they wrote losses.

According to the announced results, Airgli Iron and Steel Company had the highest net profit in the first quarter, reaching 2 billion and 617.7 million liras.

Airglide Iron and Steel Company made a net profit of Garanti Bank of 2 billion 528.8 million liras.

Koç Holding with 2 billion and 113.2 million liras, Akbank with 2 billion and 27.3 million liras, Isbank with 1 billion and 853.6 million liras.

and Ford Otosan with 1 billion 819.4 million liras, and Sabancı Holding with 1 billion Turkish liras and 752.3 million.

and Yapı ve Kredi Bank with a value of 1 billion Turkish liras and 452.7 million liras, Türk Telekom with a value of 1 billion Turkish liras and 355.6 million, and bottle and glass factories worth 1 billion Turkish liras and 348.2 million.

Pegasus also announced the highest net loss of the period at TL 933.2 million in terms of net loss.

It was followed by Tüpraş with 760.5 million liras, Akiş Gayrimenkul Yatırım Ortaklığı with 239.6 million liras, and Gözde Girişim with 202.6 million liras.

Turkish Airlines takes the lead in profit growth

In the January-March period of this year, Turkish Airlines was the company that increased its net profit in terms of quantity compared to the same period of the previous year.

In said profit increase, increasing merchandise revenue during the pandemic period and redirecting capacity from closed lines to profitable ones were effective.

In this way, Turkish Airlines turned the epidemic period into an opportunity, turning its losses of 2 billion and 23 million liras in the first quarter of 2020 into a profit of 438 million liras in the same period this year.

Also, Airglide Iron and Steel Company came after Turkish Airlines is increasing its net profit.

Last year, the company’s net profit increased from 300.4 million liras to 2 billion 617.7 million liras.

On the other hand, the first quarter of this year witnessed a decrease in the net profit of 15 companies compared to the same period of the previous year.

In this period, the company that recorded the largest decline in net profit in terms of quantity was Koç Holding.

The net profit of Koç Holding, which amounted to 3 billion and 469.8 million liras in the period from January to March of last year, also decreased to 2 billion 113.2 million liras in the first quarter of this year.

Looking at the announced data as a percentage, it was noted that Bursa Cement ranked first in the increase in net profit.

The company’s net profit during the mentioned period amounted to 61.5 million pounds from 2 million pounds, pointing out that the net profit increased 30 times.

Jamshed Dokum, whose net profit amounted to 88.4 million pounds, an increase of 20 times, came in second place.

In addition, VakıfBank, Aselsan, Turkcell and Halkbank are among the top ten.

And that in terms of net profit, the companies that were in the top ten in the January-March period of 2020 managed to be on the list pretty much in the first quarter of this year.

Koç Holding, VakıfBank, Garanti Bank, İşbank, Akbank and Sabancı Holding are listed.

In addition to Yapı Kredi, ASELSAN, Turkcell, and Halk Bank, as the companies with the highest net profit in the first quarter of 2020.

Also, in the first quarter of this year, VakıfBank, ASELSAN, Turkcell, and Halkbank were removed from the list.

While Türk Telekom, Ford Otosan, işe ve Cam Fabrikaları and Airglide Iron and Steel entered these companies.

The post 34.4 billion liras from companies in the Turkish stock market appeared first on Move 2 Turkey.

Turkish President Recep Tayyip Erdogan appointed Professor Semih Tumen as the new Deputy Head of the Central Bank to replace Oguzhan Özbash.

The appointment was ordered by President Erdogan’s decree, which was published in the Official Gazette on Tuesday morning.

Professor Semih Tumen, born in 1977, studied economics at the Middle East Technical University, and completed his study of economics in London in 2006.

He also received a master’s degree from the University of Chicago, USA, in 2007, and then a doctorate from the same university in 2012.

He has written numerous academic articles on economics in major international newspapers and magazines.

The post Turkey.. Appointment of a new deputy head of the Central Bank appeared first on Move 2 Turkey.

Trading will take place on the Istanbul Stock Exchange until tomorrow noon, when the stock market on the Istanbul Stock Exchange will open its doors.

This is until 12.40 hours on Wednesday, May 12, on the eve of Ramadan, and work will begin on holiday until Monday.

On the Wednesday before the 4-day holiday, the stock markets will begin today at 09.40 hours with the opening session, and continuous auction transactions will be held between 10.00 and 12.30 hours.

Also, transactions will take place in the closing session and collection of orders, and the closing price will take place between 12.30 and 12.40 hours.

Half a day will be worked out in Eve

Because trading will take place on the eve of the half day and no clearing will take place.

The liquidation of today’s transactions on the stock market on the Istanbul Stock Exchange will take place on Tuesday, May 18, along with the liquidation of tomorrow’s transactions.

In the futures and options market (VIOP), trading will begin at 09.30 hours today.

The session will end at 12.40 for equity contracts, and at 12.45 for other indices and contracts.

On the debt securities market, value transactions will be conducted on the same day until 11.50 hours, and forward value transactions will be until 11:30 on Wednesday.

The post The stock market Istanbul Stock Exchange is open until tomorrow appeared first on Move 2 Turkey.

In this article, we would like to present to you the generalities of bank profits and bank interest rate in Turkey.

As you know, the rules for bank interest rates in Turkey are completely changeable, and they apply to the bank you invest in.

As foreigners residing in Turkey can invest in the Turkish banks and enjoy the benefits of these banks.

However, the conditions for getting bank interest in Turkey differ somewhat.

Most of them are similar to the Ziraat Bank, which is one of the most famous banks in Turkey.

Foreigners residing in Turkey often make huge investments in the Ziraat Bank and benefit from it.

As a result, in addition to reviewing general cases of Turkish bank profits.

In our article we will also provide information about the profits of the Ziraat Bank.

Bank interest rates in Turkey on all types of deposits

Interest rates in Turkey vary depending on the amount of the deposit.

Also, in some cases, according to the branch chief, they differ for large sums.

But for regular numbers, the interest rate on quarterly deposits in 2020 ranges between 9 and 10 percent.

It is worth noting that the high numbers on other sites are due to the lack of updates.

The updated interest rate is the same number.

It is the profit figure of the Ziraat Bank, which is a state-owned bank.

For dollar deposits in 2020, the annual interest rate is 2% for one month of the deposit.

The same interest rate goes on the Euro too.

Daily interest of Turkish banks

In Turkey, there is no daily interest rate, and banks do not pay interest on non-deposited amounts.

But the monthly profit is almost equal to the annual profit.

This means that if you deposit your money for one month, you will receive interest roughly equivalent to the annual interest.

As for Lear deposits in 2020, the monthly interest rate is around 9%.

Bank interest tax in Turkey

As you know, to open an account in Turkey, it is necessary to obtain a tax number.

This number is for filing bank interest tax at the tax office.

Where the bank’s interest tax rate in 2020 equals 10% of the profit figure.

How to obtain bank interest from a bank of Turkey

Some foreigners have always had difficulty opening international bank accounts.

And they did not have good conditions to own an offshore account.

Especially those who are in contact with different countries.

And their job is somehow related to foreign banks, they struggled with this problem more than others.

As for you to have a bank account in a Turkish bank.

One of the best ways to easily communicate with other countries is through this account.

In this case, you can acquire a Master card, and enjoy the interest of banks in Turkey.

Two important points that you should always remember regarding to bank interest rates in Turkey:

First :

If you are a citizen of another country and you want to have a bank account in Turkey.

This process will only be possible through the Ziraat Bank, and this bank will not grant you the privilege, But Iş Bank does, if you have a residence card.

Or they could open an account with large sums of money.

Second :

Ziraat Bank is one of the best and most profitable banks in Turkey.

Where all foreigners residing inside and outside Turkey own an account in this bank.

The Ziraat Bank provides all its services electronically, and often there is no need to visit the bank branches.

In this regard, wherever you are in the world, you can review and follow up on your banking affairs in Turkey.

Also, the good news is that if you immigrate to Turkey by purchasing a property.

and if you are thinking of buying a property in Istanbul, You can easily deposit in all banks of this country, and enjoy the banking benefits here.

Banking benefits at Turkish Banks

The Turkish Ziraat Bank was established in 1863 and after Garanti BBVA.

It was ranked 115th in the world for its sound economic system.

So if you are an account holder at the Ziraat Bank.

You should know that in addition to the lira, you can also have a bank account in dollars and euros.

Where you will receive bank interest in Turkey, and after a week you will receive a Mastercard or Visa Card.

As for banking interest rates in Turkey, especially in the Ziraat Bank.

It depends on how you deposit the amount that you put into the bank.

For example, if you deposit for 3 months, you will receive 9-10 percent interest.

Also, the longer your money remains in the bank and is not withdrawn, the more profit you will get.

And if it reaches the year, it will be offered with more interest.

Advantages of opening a bank account in Turkey

If you succeeded in obtaining a residence permit in Turkey by purchasing a property in Turkey.

There will be no restrictions on you in the Turkish banking system.

Where you can easily open a bank account in Turkey.

On the other hand, you can also use Turkish banking facilities.

And if you succeed in obtaining a residence permit in Turkey by renting a house or registering a company.

You can open an account in foreign currency in Turkish banks, including the Turkish Ziraat Bank.

Also, you can easily use all the Visa Card and Mastercard facilities of the Turkish Ziraat Bank.

This is possible around the world by communicating with the bank via the internet.

So enjoy connected global banking services.

As all transactions will be open to you inside Turkey.

And you will be able to conduct your financial transactions easily.

Important points about opening an account in Turkish banks

• The Turkish banking contract starts from 3 months, 6 months and 1 year.
• Most foreigners residing in Turkey use it for a period of 6 months, after a final decision to stay in Turkey, they convert it to a year.
• Before opening the account, pay attention to when the interest is received, because the amount of interest depends on the number of days that you start depositing.
• Choose the Ziraat bank to receive interest in Turkey, as this bank has branches in other countries, and you can easily exchange and conduct financial transactions from all over the world.
• You must obtain the documents required to open the account (passport and tax number).
• To use the app and online banking services, it is necessary to have a Turkish mobile phone number.
• Commissions and fees, especially for transfers between banks, are much higher than they are with overseas banks.

Also remember that when you move to a reputable bank, you must preserve and protect your assets.

You must also make a profit in addition to the deposit.

So both Is Bank and Ziraat Bank are great places to deposit.

However, the Ziraat Bank remains the most famous and profitable bank in Turkey.

So, in this article, we presented to you the generalities of banking and interest rates in Turkey.

This is so that you can open a bank account once you arrive and obtain residency in Turkey.

The post Bank interest rates in Turkey and all the services they offer appeared first on Move 2 Turkey.

The rules for opening a bank account in Turkey for foreigners have changed in 2023.

In this article, we will discuss ways and how to open an account in Turkish banks, and according to the E-commerce website, international trade requires a bank account linked to the SWIFT system and the possibility of financial exchange with other banks in the world.

The benefits offered by opening a bank account in Turkey :

It is possible to deposit money and income in dollars into your account from outside Turkey.

Using these accounts, you can conduct financial exchanges through international banks linked to Swift. all of these accounts contain an International Bank Account Number (IBAN) and international Visa and MasterCard will be issued to you as well.

With this Visa and MasterCard you can buy from international websites, you can also receive money from ATMs around the world that can accept Visa or MasterCard.

However, in 2020, strict measures were taken to open bank accounts for foreigners in Turkey, so now we present some ways to open a bank account in Turkey:

Opening a bank account by residing in Turkey :

If you live in Turkey, you can open an account in one of its banks. And the documents needed to open your account are the Turkish Kimlik Card (ID) or the residence Card, the water, electricity or gas bill in your name and a Turkish SIM card.

For residents, bank cards and Visa cards are issued in the person’s name, but these cards are not delivered immediately, issued cards will be sent to the customer’s registered postal address after about a week.

Opening a bank account in Turkey without a residence permit :

In this way, you can open an account at the Turkish Ziraat Bank with your passport only. In this way, after referring to the tax office (in Istanbul-Turkey Vergi Dairesi) with a valid residential address, you will receive your tax number.

When opening the account, an international bank card will be issued and delivered to the customer, so you can open an account overnight.

And these accounts can also be in dollars, euros, pounds and lira, each of these accounts is independent and a separate account number is issued to them.

However, only a few branches have bank accounts in Turkey for non-residents without an initial balance, and most of these branches are based on the relationships and credits of people wishing to open accounts for clients who are presented with passports.

Another important point is that you need to speak someTurkish when opening an account so that you can submit your requests to the bank’s staff. And given the sensitivity of banking matters, we recommend that you use an interpreter to open an account and receive banking services.

Opening a bank account by registering a company in Turkey:

You can open an account by registering a company in Turkey.

These accounts have the characteristics of the commercial account or the same company, for example, the ability to specify the number of signatures the account has, and the limit for individual withdrawals, and so on.

Opening a bank account in Turkey by depositing in Turkish banks:

Turkish banks always welcome customers who want to deposit money in these banks even for a month and facilitate the conditions for opening accounts for these customers.

The minimum investment in 2020 is 30 thousand Turkish liras, and these deposits can be for one month and interest is paid on them as well.

For example, if you decide to buy a property in Turkey, it is better to open an account in Turkey first, and then transfer your capital to your account in Turkey to buy a house, or just deposit the money to receive the interest.

Currency and money transfers for foreigners abroad :

It is possible to make international purchases and receive any free currency for foreign accounts in Turkey.

But transferring dollars outside Turkey is prohibited, but you can transfer from other currencies such as the euro even outside Turkey and banks in other countries.

Bank fees in Turkey:

Bank transfer fees in Turkey start from 3 liras and reach 500 liras for large amounts, and fast transfer rates between banks are also subject to Swift’s terms and conditions.

Banking benefits from opening a bank account in Turkey :

Bank interest rates vary from the bank account in Turkey from year to year and even from month to month.

But the Turkish Ziraat Bank, which is a state-owned bank, currently pays 20% annually for deposits in lira and 3% annually for dollar deposits.

And in Turkey, short-term deposits receive higher interest rates, for example, interest on 3-month deposits is more the interest on over 1 year deposits.

Another positive feature is that you can open a term deposit without going to the branch, and this deposit can be opened easily through Mobile Bank, the profit received will also be visible depending on the number of days the funds are blocked in the bank app.

Is it better to use MasterCard or Visa card in Turkey ?

This question may be asked to you, so it is important to know that Visa and Master are only US card issuers and there is not much difference in the service.

What matters is the capabilities of your card that you specify when opening a bank account in Turkey.

For example, it can be Visa or MasterCard debit or credit, and credit cards can be used in installment purchases even without an initial balance. So that the bank deducts the relevant purchase premium from your account every month.

What is the best city in Turkey to create a bank account ?

The best city to open a bank account in Turkey is Istanbul, because it is a touristic city. So bank branches will make it easier for foreigners to open accounts.

Also, the possibility of financial exchange and converting the foreign currencies into lira and vice versa has become easier.

Another reason is the large volume of trade in this city, which is more from the rest of the cities in Turkey, such as Ankara, Izmir and Antalya.

Documents required to open an account in Turkey :

• Attend the applicant for one day in Turkey
• passport
• Tax Number
• Turkish SIM card

Only the documents mentioned above are sufficient, however, it is necessary to know that the SIM cards purchased with a passport in Turkey are valid for up to 181 days. After which you must send the Turkish residence card document to the operators, then you have to buy a new SIM card.

Read more about buying a SIM card in Turkey

How to open a bank account in Turkey :

After choosing the required bank to open an account, you must implement the rest of the steps related to opening an account in Turkish banks personally.

To open an account in a bank in Turkey, you must have some requirements, which will be mentioned below :

Owning a valid address in Turkey :

If you live in Turkey, you can provide the address of your place of residence. Otherwise you can provide the address of the place of residence of relatives, friends and acquaintances.

If you do not have access to any of these items, you can use the Nilgam Collection services to open an account in Turkish banks.

Obtaining the Turkish tax number :

To obtain this code, you must go to the Turkish Treasury and apply for a special tax number for foreign citizens by submitting your passport.

Bank review to open a bank account :

After obtaining the tax number, you must visit one of the bank’s branches in person and follow the procedures for opening a bank account in Turkey.

Note that to do this step, you must have your passport and a copy of it.

In addition to that, in order to use the bank’s mobile services, you must buy a SIM card that is active in Turkey and take it with you when you visit the bank.

If you want to open a legal account for your company, the company manager must be present in Turkey and take the necessary steps to open a bank account.

The company’s documents will be required to obtain the tax number.

After obtaining the Turkish tax number, you can go to the bank with the documents translated for the company and take other steps to open a bank account in Turkey.

The post Opening a Bank Account in Turkey for Foreigners 2023 appeared first on Move 2 Turkey.